Peak XV Partners led a $16 million Series A funding round for RapidCanvas, an AI platform for business transformation.
Titanium Ventures, Accel, and Valley Capital Partners also participated in the round, increasing the company’s total funding since its founding in 2021 to $23.5 million.
According to a press release from RapidCanvas, the funding will help the company broaden its customer base and improve its cutting-edge products, establishing it as a pioneer in AI-driven business transformation.
“Our Reliable AI framework ensures all outputs are validated and explainable, empowering businesses to achieve impactful results within weeks,” said Rahul Pangam, CEO of RapidCanvas.
Businesses now face a major challenge as the use of AI increases: a lack of technical talent. This problem is addressed by RapidCanvas’ AI agents, which are capable of automating up to 75% of the tasks that data scientists and engineers typically perform. With the aid of Large Language Models (LLMs), these agents are able to process enormous volumes of data with exceptional efficiency, enabling businesses to get around traditional constraints and expedite the adoption of AI.
Pangam and Uttam Phalnikar founded RapidCanvas, which has already partnered with businesses in industries like financial services and manufacturing. Following $7.5 million in seed funding led by Accel and including Valley Capital Partners in March of this year, the startup emerged from stealth mode.
